The Garlic Pepper Steak Company had taxable income of P1,200,000 during 2020. Garlic Pepper Steak Company used accelerated depreciation for tax purposes (P340,000) and straight-line method for financial accounting purposes (P200,000). Assuming Garlic Pepper Steak Company had no other temporary difference, what is the pretax accounting income for 2020?
The Garlic Pepper Steak Company had taxable income of P1,200,000 during 2020. Garlic Pepper Steak Company used accelerated depreciation for tax purposes (P340,000) and straight-line method for financial accounting purposes (P200,000). Assuming Garlic Pepper Steak Company had no other temporary difference, what is the pretax accounting income for 2020?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
Section: Chapter Questions
Problem 42P
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The Garlic Pepper Steak Company had taxable income of P1,200,000 during 2020. Garlic Pepper Steak Company used accelerated
Assuming Garlic Pepper Steak Company had no other temporary difference, what is the pretax accounting income for 2020?
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